Real Estate Exam Preparation: Comprehensive Guide to Passing the Florida License Exam, Exams of Nursing

Download Real Estate Exam Preparation: Comprehensive Guide to Passing the Florida License Exam and more Exams Nursing in PDF only on Docsity!

BOB HOGUE FINAL TEST EXAM 2024/2025 WITH 100%

ACCURATE SOLUTIONS

Comparative Market Analysis (CMA) - Precise Answer ✔✔Marketing tool and may not be referred to or represented as an appraisal Follow UP - Precise Answer ✔✔Whats sales associates do for buyers and sellers after the sale Which is NOT a category of real estate licenses question? These 3 are - Precise Answer ✔✔Sales Associate; Broker; Broker Associate Which does NOT need to be disclosed for Background Check? - Precise Answer ✔✔Parking, Speeding, inspections, or traffic signal violations What is required by Mutual Recognition applicants? - Precise Answer ✔✔75% or higher required to pass exam How long is a license valid on a real estate application? - Precise Answer ✔✔2 years Who is exempt from having Real Estate License? - Precise Answer ✔✔A person who has been given POA

What power does FREC have? (#31) - Precise Answer ✔✔Quasi-Judical The DBPR may issue a temporary real estate license to which? (#25) - Precise Answer ✔✔Spouse of active duty who transfers to Florida expires after 6 months and is NOT Renewable A person who no longer wants to engage in the real estate business can voluntarily relinquish or cancel the license, provided there is no investigation or disciplinary proceeding pending against the license (#79) - Precise Answer ✔✔True Statement Broker who qualifies as the broker for more than one business entity? - Precise Answer ✔✔Multiple Licenses How should a buyer respond to a for-sale-by-owner? - Precise Answer ✔✔Caveat Emptor ( buyer beware) How long must Brokers retain Disclosure Documents? - Precise Answer ✔✔5 years in a secured location What happens in a non-residential real estate transaction where the buyer and the seller each have 1 million or more in assets? - Precise Answer ✔✔The broker will assign two sales associates in such an arrangement and they are called designated sales associates

A brokerage relationship b/w a principal (or a customer) and a broker may be terminated by: (Is a NOT Question on Test) - Precise Answer ✔✔Death of a sellers broker or the seller before the broker finds a ready, willing and able buyer. Death of the buyers brokers or the buyer before the broker finds a suitable property for the buyer Destruction of the property Bankruptcy of the principal or the customer What don't you have to put on an office sign? - Precise Answer ✔✔The names of the sales and brokers associates are not required but the Trade name or Brokers name is required Which of the following is a true statement about Florida Telemarketing?

• Precise Answer ✔✔Violators may be fined $10,000 per call When a sales associate receives an earnest money deposit what must he do? - Precise Answer ✔✔Give to the broker w/n 24 hours and then the Broker has 3 business days to put into an escrow account With in how many days must a Broker notify the commission about an EDO? - Precise Answer ✔✔10 business days Sale a used condo give buyer the docs. After they receive the docs how many days do they have to cancel? (Test Question #61) - Precise Answer ✔✔Answer is 2 Days!!

What is it called when competing brokers conspire to establish the same commission? (#76) - Precise Answer ✔✔Price Fixing Brokers can not pay an unlicensed person a commission but can do what? (#20) - Precise Answer ✔✔Can pay them no more the $ What does not need to register as an Real Estate Broker? (#84) - Precise Answer ✔✔Corporation Sole (church) What needs to be done when filing a complaint? - Precise Answer ✔✔Must be in writing Must be legally sufficient FREC gives suspension request what is it called? - Precise Answer ✔✔Stay of enforcement Complaint that required refund of money. What cant they do? - Precise Answer ✔✔FREC does not have the authority to order RESTITUTION How many days must a licensee take action to correct a notice of compliance? - Precise Answer ✔✔15 days Claims resulting from an EDO what can NOT happen? - Precise Answer ✔✔FREC CAN NOT PAY RE RECOVERY FUND PAYS

How much will the Real Estate Recovery Fund pay out? - Precise Answer ✔✔Cover all court costs up to $50, Which of these helped stop racial discrimination in RE? (#37) - Precise Answer ✔✔Civil Rights Act of 1866 A neighbor who starts rumors about a neighborhood to persuade owners to sell is? (#52) - Precise Answer ✔✔Blockbusting A developer have more than 100 lots, which bureau does ILSA work with? (#81) - Precise Answer ✔✔Consumer Financial Protection Bureau If you rent something where do you put the deposit? (#89) - Precise Answer ✔✔Escrow Account When dealing with Vacating Premies on a rental what happens? - Precise Answer ✔✔The landlord has 15 days to return the security deposit and any accrued interest The landlord has 30 days to notify the tenant of intentions to impose a claim on the deposit Which rights does an owner have with land abutting a flowing waterway like banks of a river or stream? (#77) - Precise Answer ✔✔Riparian Rights

A fixture is an item that was once personal property but has been permanently attached to or made part of a real estate and is now considered real property. (#29) - Precise Answer ✔✔Kitchen Cabinets are an example of a fixture What happens with life estates end? (#13) - Precise Answer ✔✔Goes to a third party called remainderman What exists when four unities of possession, interest, title and time are present? (#44) - Precise Answer ✔✔Joint Tenancy (right of survivorship) What is a deed with two or more persons wishing to share ownership. (#32) - Precise Answer ✔✔Tenancy in Common (Willable) What creates a condominium? (#36) - Precise Answer ✔✔Declaration of condominium What paperwork does condominiums have to give to buyers? - Precise Answer ✔✔FAQ What is the term for the recipient of the will? - Precise Answer ✔✔Devisee

When the grantor delivers a valid deed that is accepted by the grantee. - Precise Answer ✔✔Voluntary Delivery and Acceptance When the government has to Eminent Domain a Property what is it they do? - Precise Answer ✔✔Condemnation (condemn your house) Which of the are Junior Liens? (#74) - Precise Answer ✔✔Mortgage Judgement Vendor's Income Tax (IRS) With the Statue of Frauds what is a written contract? (#64) - Precise Answer ✔✔Enforceable A lease agreement has to be how long or its not enforceable? - Precise Answer ✔✔1 year What form must a contract be to be enforceable? - Precise Answer ✔✔Written and signed by 2 parties (good for 5 years) What a buyer has a contract with the seller for upgrades needing to be done and it hasn't been completed what is this called? - Precise Answer ✔✔Executory Contract

When the seller reserves the right to sell the property w/o paying a commission to the broker what is this called? - Precise Answer ✔✔Exclusive Agency Listing Written legal document designating some other person as a attorney-in- fact - Precise Answer ✔✔Power of Attorney (POA) Hypothecation - Precise Answer ✔✔Pledging of property as security for repayment of a loan w/o surrendering possession of the property Contract for Deed - Precise Answer ✔✔Title remains w/ the seller. Seller finances the deal Amortized Mortgage (#35) - Precise Answer ✔✔Less interest = more principal Margin - Precise Answer ✔✔Lenders cost of doing business plus profit (Overhead cost - cost of doing business) What loans can be assumed? - Precise Answer ✔✔VA Loans What association does Ginnie Mae work with? - Precise Answer ✔✔Government National Mortgage Association

If someone advertises a home for sale for a certain price and when you arrive to look at the property and its not what they advertised this is called? - Precise Answer ✔✔Bait and Switch Interest goes up sales go down - Precise Answer ✔✔Discount Rate Sales Commissions - Precise Answer ✔✔Sales Price x Rate = Total Commission, Then total commission x split = sales associates commission Prorated Expenses - Precise Answer ✔✔Seller is responsible for the taxes up to the day before closing. (Annual Property Taxes divided by 365= Daily Rate, then Daily Rate x Number of Days = Taxes Owed How is the prepaid rent entered? - Precise Answer ✔✔A credit to the buyer and a debit to the seller. Stamps on Deed - Precise Answer ✔✔$.70 per $ Intangible on new mortgages - Precise Answer ✔✔$.002 per $1 of debt Note, stamps on new and assumed notes - Precise Answer ✔✔$.35 per $ How is the total purchase price entered? - Precise Answer ✔✔Credit to the seller and Debit to the buyer

What qualifies an appraiser? - Precise Answer ✔✔USPAP (Uniform Standards of Professional Appraisal Practice What is it called when any person or group of persons occupying a separate housing space? - Precise Answer ✔✔Household When prices go down: - Precise Answer ✔✔The supply increase relative to demand When prices go up: - Precise Answer ✔✔The demand increases relative to supply What refers to prospective buyers preference for a certain area? - Precise Answer ✔✔Situs (considered the most important economic characteristic of real estate) The price an ________ would pay, the the financial requirements and income tax situation? (#80) - Precise Answer ✔✔Investor What is the combing of two or more adjoining properties into one Tract called? - Precise Answer ✔✔Assemblage What is the added value as a result of combing two or more properties into one large parcel? - Precise Answer ✔✔Pottage

When wear and tear caused by use and lack of maintenance this is called? - Precise Answer ✔✔Physical Deterioration When poor traffic patterns, too few bathrooms and inadequate amount of insulation is done this is called? - Precise Answer ✔✔Functional Obsolescence What type of income is needed in order to get the Gross Income Multiplier? - Precise Answer ✔✔Gross Annual Income Property value of a house minus the debt owed is what? - Precise Answer ✔✔Equity When using the Gross Income Multiplier what is used to find the income? (#23) - Precise Answer ✔✔Gross Annual Income Business brokers and financial experts use this tool to analyze what a business is worth? (#71) - Precise Answer ✔✔Liquidation Analysis What is the first step with dealing with a protest procedure on tax problems? - Precise Answer ✔✔Seek and adjustment by contacting the county property appraiser What is location of the tier East of T3N and R2W? Question #54!! - Precise Answer ✔✔R1W is answer!

How is LTV (Loan to Value) calculated? (#5) - Precise Answer ✔✔Dividing the mortgage loan amount by the property's sale price What NOT deductible on taxes? - Precise Answer ✔✔You can NOT deduct Insurance What is a strip of land separating one land use from another? - Precise Answer ✔✔Buffer Zone When a property's use was lawfully established but no longer conforms to the use regulations it becomes? - Precise Answer ✔✔Legally Nonconforming Uses Straight Line Method - Precise Answer ✔✔27.5 years for residential and 39 years for non-residential (commercial)